THE BOURSE WHISPERER: The regular game of musical chairs continues within the boardrooms across the resources industry.
Board composition resolved
Blackham Resources (ASX: BLK) announced Joseph Gutnick has resigned from the Board of the company effectively immediately.
The company also advised that Mazil Pty Ltd, a company of which Gutnick is a director and shareholder has agreed to withdraw its requests for general meetings of shareholders to vote on the composition of the Board.
Following the resolution the directors of the company have been confirmed as follows:
Paul Murphy – non-executive chairman; Bryan Dixon – managing director; Alan Thom – executive director; and Greg Miles – non-executive director.
The company and Gutnick’s associated parties have reached a settlement which they believe is in the best interests of all shareholders and involves Blackham terminating the Note Deed dated 1 February 2013 between Blackham and Great Central Gold Pty Ltd, as amended by an agreement dated 6 June 2013.
The parties including Blackham, Gutnick, Mazil and Great Central have conditionally agreed to settle all disputes and other matters and release each other from all liabilities and claims against each other on a without admissions basis.
Millennium Minerals (ASX: MOY) announced managing director and chief executive officer, Brian Rear is to step down from his executive role following six years in the role.
Rear has indicated he wishes to take on another, as yet unidentified full time role, in developing a new resources project.
The Millennium Board has invited Rear to remain on as a non‐executive director to ensure a seamless transition of the senior leadership of the company.
Millennium said it will engage an executive search firm to identify suitably qualified candidates to take over the role of CEO.
“Having successfully established Millennium as a stable, profitable producing gold company, Brian has achieved what he was appointed to do,” Millennium Minerals chairman Richard Procter said.
“We understand that the time is now right for him to move on to another opportunity and for a CEO with a different skill set to take the company through the next phase of its growth.”
Resignation of Director- Appointment of Chief Executive
Diatreme Resources (ASX: DRX) announced Neil McIntyre has resigned as a director to assume the role of company chief executive.
“Following the recent implementation of Diatreme’s Board and Management restructuring, acting managing director Neil McIntyre has been appointed as chief executive of the company and has resigned his position as a director of Diatreme Resources Ltd to assume this role effective immediately,” Diatreme Resources chairman William Wang said.
“We thanks Mr McIntyre for his service to the board of Diatreme and welcome his involvement in this challenging management role.
“The restructuring, cost cutting and major project refocus of Diatreme is still an ongoing task and the clear separation of management and board will assist in terms of good governance and management practice moving forward for the company.”
Appointment of new Chairman
Superior Resources (ASX: SPQ) announced that Carlos Fernicola has succeeded David Horton as chairman of the company.
Fernicola has been appointed to the Board of Superior as a non-executive director and will assume the role effective as of 25 August 2014.
Fernicola will also continue his office of company secretary to which he was appointed on 11 November 2010.
Horton, who is a founding director of the company, will continue as a non-executive director effective.
Appointment of Directors
Metaliko Resources (ASX: MKO) announced that Geoff Baker and Ms Min Yang have been appointed directors of the company.
Baker is an Australian lawyer previously residing in Hong Kong now residing in the UK. He is also qualified to practice as a lawyer in Hong Kong.
Over the past 20 years Mr Baker has been active in China conducting a practice assisting companies to do business in the region.
Ms Min Yang is a resident of Hong Kong with extensive business connections in the Asia Pacific region especially greater China and has over twenty years of hands-on experience dealing with both private and state-run businesses in China.